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do more than avoid the fiscal cliff to get america's economy growing again. >> there is still the degree of uncertainty that prevents investors from making decisions. >> reporter: but washington's top republican leader speaker of the house john boehner explains there has been no progress. >> when it comes to the fiscal cliff that is threatening the economy and the jobs the white house wasted another week. >> reporter: democrats show no signs of backing off from sporting the president on raising the income tax on the rich. >> there has to be two sides to the bargain but we are not going to go back to 2011, put revenues and cuts on the table. >> reporter: but despite the impasse in washington, he sees signs the economy is improving. for the fiscal cliff she represent as balanced solution. spending cuts and a increase in taxes. kron 4 news. >>> we have clear skies out there across the bay area on this sunday evening after a spectacular weekend. it was cool on saturday. it was foggy but today just an "a" plus day. sunshine. temperatures in the 60s and 70s. and even right now, san
to report. when it comes to the fiscal cliff that is threatening our economy and threatening jobs, the white house has wasted another week. >> the house speaker had nothing of substance to say about this week's phone conversation with the president. >> the phone call was pleasant, but was just more of the same. the conversations that the staff had yesterday, just more of the same. it's time for the president if he's serious to come back to us with a counteroffer. >> boehner says the president is not being a helpful negotiator, even though the president apparently designed the negotiating sessions at boehner's request. according to "the new york times," boehner insisted the talks include only himself and the president of the united states. boehner wanted senate democrats and nancy pelosi out of the discussions. democratic senator dick durbin told the times this is now the speaker and the president working this through. democratic leaders say they are satisfied with the briefings that they continue to receive. nancy pelosi seems perfectly happy putting pressure on the republicans. >> why are w
. but democratic leader nancy pelosi says the problem goes beyond the fiscal cliff debate. >> our economy is moving forward, but it could be growing at a faster rate. the republican leadership had taken up and passed some of president obama's job initiatives including the american jobs act and had passed the middle income tax cut. >> so let's cut to the chase. one of those congressional members is lying. either the republicans are right on cutting taxes on small business also add jobs, or the president's stimulus policies are fuelling the economic recovery in this country. joining me tonight to sort out the facts, david cay johnston, pulitzer prize winning journalist and author of "the fine print. let's start with the job growth. unemployment hit rock bottom near the beginning of the -- under the bush administration. you can see this right here. and this of course the changing the color here is when president obama took over in january of '09. who is responsible for this turnaround? >> absolutely the president. and it would be a better turnaround if the republicans had allowed a bigger stimulus. we
has already been pointed out. we need to spur this economy and of the fiscal cliff developed and small-businesses our hits we have to have growth somewhere and that could be a way of doing it. >> who of wants to pick this up do we go over the fiscal cliff? >> yes. probably. 55% to 60% and early january they strike some kind of deal that allows the administration to say there decreasing taxes from what they went to in january 1st. i say 60% we are going over the cliff. dave: we are playing with fire if that happens. a lot of people say even if it is temporary it might push us into recession. quickly, you think that is possible that we will? >> certainly possible. interesting the consensus have gone from 50% to 60%. a month or two ago we were not going to go over the cliff. i agree that is completely flipped on its head and the only president in recent memory who headed debt ceiling in summer of 2011, all through july everyone was confident we were going to get a deal and we saw what happened. a little bit of cash on the sidelines to reload the. of the goal of the cliff, is not a bad thi
the fiscal cliff, if we have reasonable resolution type of programs that the president has been proposing to support the economy in the short run, get us on a sustainable fiscal path in the long run, protect the middle class we're going to see progress in this economy. >> the risk the president wants us to take increasing tax rates will hit many small businesses that produce 60 to 70% of the new jobs in our country. that's the whole issue here. >> on the fiscal cliff front, no new deals or concessions made public, but "the new york times" reports the dynamic has changed. at the request of speaker boehner, senate leaders and nancy pelosi have been dismissed from the negotiating table. leaving just the speaker and the president to hammer this one out. today vice president biden is hosting middle-class families at the white house, continuing to pressure congress to strike a deal on tax rates below 250,000. yesterday, the president struck a hopeful note with a middle-income family in virginia, while maintaining a hardline on negotiations. >> the message that i think we all want to send to mem
ago is 10 percent and the chance of the fiscal cliff and higher taxes killing the economy is probably 50 percent and, yes, you are right, we are still not fixing the problem or coming to a solution. one thing, remember, when we had the problem with the debt downgrade and the different talks a year ago? there were the scare tactics from washington about what would happen to interest rates, and what would happen to social security, and interest rates went down, people got their checks and everything was fine. >>neil: i am reminded of the words of the apollo 13 command other, can you not fake the magnitude of a disaster but washington can paper over a problem with cuts that are not real, and revenues that may not be what they appear to be, so, the fear is the same, it is presenting something that ultimately markets will not buy and people will not trust. >>guest: that is right. and, also, put in the notion it has to be done in the next three weeks or else, and look what has happened with the debt numbers. the nones are absolutely out-of-control. it will be over $20 trillion here in the n
to the fiscal cliff that is threatening our economy and jobs the white house has wastde another week. secretary gitener came here to offer a plan that had twice the tax hikes that the president campaigned on and had more stimulus spending thanned the in cuts. and an indefinite increase in the debt limit like for ever. now four days ago we offered a serious proposal based on testimony of president clinton's former chief of staff. since then there has been no count offer from the white house. instead reports indicate that the president has adopted a deliberate stradgeji to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code and cutting spending, the president wants to raise tax rates. but even if the president got the tax rate hike that he wanted, understand that we would continue to see trillion dollar deficits for as far as the eye can see. washington has got a spending problem, not a revenue problem. if the president doesn't agree with our proposal, i believe he's got an obligation to families and small businesses to offer a plan of his own, a plan th
in this country should of course we go over that fiscal cliff. what is that going to do to the economy and ability to create jobs next year? >> the last thing the economy needs right now is for a big tax hike on the middle class. the $2,200 tax increase for the typical family you alluded to, we calculate that would cause consumer spending to fall by $200 billion next year. that would cut the growth of consumption by 1.7 percentage points and shave 1.4 percentage points off gdp growth. there's a simple solution here which is just to extend middle class tax cuts which the senate has already done. >> we got good numbers this morning. i'm willing to take them at face value. better than a bid. not great. we want 400,000 jobs. do we still need to spend so much money on the payroll tax cut and extended unemployment gains given the fact that we got good news today? >> first and foremost, we need to extend middle class tax cuts. that should be our highest priority. the economy can still use support in the short-term. i think the more we do for the long-term to show that we're on a fiscally sustainable path
slow-walks this process the closer our economy gets to the fiscal cliff. there is major business lobbyist out there telling us right now the discussions are focusing on process. how do to it. not necessarily substance. so there are no details on what these offers exactly state. they're not even really getting out on capitol hill right now. so we're still watching it to maintain. again you've got the exchange of partial offers at least coming out of the white house and from house republicans but they still remain fairly far apart. melissa: rich, you have been right in the heart of this story from the beginning. to you, does this feel like progress? what's your opinion? >> anything at this point feels like progress but they are still stuck on the major problems that have dogged them for the last couple of years basically, not just the last couple of weeks. problems with spending cuts. problems with entitlements for democrats. problems with tax revenue for republicans on the other side. there's no movement it seems towards that right now. but again, details are very, very thin on th
of the fiscal cliff, we are going to have $270 billion in tax hikes that start effective january 1. thank you, obamacare. nancy pelosi has said that if you want to find out what's in it, just pass it. we are finding out and we are going to have a terrific group of people, including john cruz, the vice president of hsbc, who is the whistleblower on the $1.9 billion in fines if they just had to pay for money laundering along with middle eastern terrorists. mexican drug cartels, african dictators, all of the really nice people that they had no idea where problem. by the way, nobody going to jail will be taking that up. we will have coming up next. tracy: all right, "lou dobbs tonight" at 7:00 p.m. and 10:00 p.m. eastern. when we come back, how to beat the street. covering your assets with tips with picking winners on wall street. stay with us you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® forms a protective barrier that helps block stomach acid from splashing up- relieving the pain quickly. try fast, long lasting gaviscon
't be happy about it. >> reporter: as lawmakers rush to rescue the economy from the fiscal cliff emergency, they have focused -- as have we thus far -- on itemized deductions. but when it comes to tax breaks or preferences, says robert... >> not just deductions. it includes things like exclusion from income, the biggest one of which is the we don't tax you on the premiums your employer pays for the health insurance we get. much bigger than anything on the deduction side. it's not the only exclusion we have. the exclusion of all the contributions to the retirement plans, your 401(k), your irks r.a., also very, very large. >> reporter: we're not going to start counting as income the money that our employer puts in for our medical insurance, are we? or for that matter, we're not going to get rid of the exclusion for putting money into a 401(k) to deaver taxation but encourage us to save more. >> it's pretty unlikely we'll count all of that income. we're already scheduled to count some of the premiums paid your employers. in 2018 the obama care will start taxing the very highest premiums, the
to be there. host: how will the fiscal cliff negotiations affect you? will you lose benefits? caller: i will lose benefits at the end of december, and i will have to go on county assistance to see what they can do to help, but i would rather go back to work. i started picking work when i was 12 years old. host: what are you doing to prepare for the scenario? caller: i am trying to get my ged but i have always had a problem with education. guest: this is a huge issue. people like john are not at the negotiation table. it is tough to consider the full range of decisions. what we find time and time again is that the education and skills component of helping unemployed workers get back into the workforce is a big obstacle. we have 40 programs on the federal level to deal with that, but based on analysis out of rutgers university, is usually people that have been able to find their own education path and get their own skills and out of these government programs have been the most successful. that is a problematic dynamic. host: lisa is next from texas on the independent line. good morning. c
as president obama drives our economy toward the fiscal cliff, i'd like to share with you some remarks he made during his fiscal responsibility summit held on february 23, 2009, at the white house. the president said, and i quote, we cannot and will not sustain deficits like these without end. contrary to the prevailing wisdom in washington, these past few years, we cannot simply spend as we please and to further consequences to the nks budget. the next administration or the next generation. we are paying the price for this budget right now. he continued, in 2008 alone we paid $250 billion in interest on our debt. one in every 10 taxpayer dollars. that is more than three times what we spent on education that year, more than seven times what we spent on v.a. health care. if we can fraught this crisis without confronting the deficit that caused it, we end up sifpking into another crisis down the road as our interest payments rise and obligations come due. our children and grandchildren are unable to pursue their dreams because they are saddled with our debts. that's why today i'm pledging to cut
-called fiscal cliff that could send our economy into another recession. in these difficult times we're challenged by people we represent to find real solutions, not short-term band-aids. as we move forward, it's clear that we must discuss spending. emphasize that word "spending." i know that president obama is hyperfocussed on increasing taxes as part of his deficit-reduction proposal, and i think the the election shows that he's legitimate in doing that. but he could have really declared victory about three weeks ago and in the three weeks since then spend time talking about the expenditure side of the ledger. because if we're going to be serious about reducing our debt, we must talk about spending. not some time next year, not only after we talk about taxes. we must talk about spending and talk about it now. we need to have a thoughtful conversation that focuses upon where federal spending most calls for control and containment, and that's the purpose of my charts today. and that's the purpose of my remarks. and we must have a thoughtful conversation where our federal spending is
? the longer the white house slow walks this process, the closer our economy gets to the fiscal cliff. here's what we do know. we know that the president wants more stimulus spending and an increase in the debt limit without any cuts or reforms. that's not physicianing our problem. frankly, it's making it worse. on top of that, the president wants to raise tax rates on many small business owners. now, even if we did exactly what the president wants, we would see red ink for as far as the eye can see. that's not fixing our problem either. it's making it worse, and it's hurting our economy. i think the members know i'm an optimist. i'm hopeful we can reach an agreement. this is a serious issue and there's a lot at stake. the american people sent us here to work together towards the best possible solution, and that means cutting spending. now, if the president doesn't agree with our approach, he has an obligation to put forward a plan that can pass both chambers of the congress because right now the american people have to be scratching their heads and wondering when is the president going to
house slow-walks this process, the closer our economy gets to the fiscal cliff. now, if the president doesn't agree with our approach, he's got an obligation to put forward a plan that can pass both chambers of the congress. because right now the american people have to be scratching their heads and wondering when is the president going to get serious? >> on that question of whether or not we have put forward specific spending cuts, the answer is is we have. not only that, we signed law a trillion dollars in specific spending cuts. so if you combine what is signed into law with what we proposed versus the total absence of any specificity from the republicans for a single dollar in revenue, i think in the battle of specificity, the outcome has already been decided. >> woodruff: and a short time ago an administration official told us the president and the speaker spoke by phone this evening. now to our series of conversations on this subject and what should be done. we've listened to a range of opinions in recent days, including erskine bowles of the simpson-bowles commission; prize-win
in the economy. >> let's talk more about the fiscal cliff. how do you think this could factor into discussion? >> yeah. i think that this roar today helps, i think the administration's case for the fact that we immediate to -- administration needs to -- democrats need to extend the tax cuts, bush tax cuts, forethose up to $250,000, probably immediate to extend the payroll tax cut. these are major forms of stimulus that middle income households and receive the dollars don't save it. they spend it. i think it also provides a little wind to the sail of the administration that we need to extend the unemployment insurance benefits that have -- we have been providing to families. which are another important stimulus for families here in the u.s. >> you answer made question about the work force because about a half million people left the work for according to bls and talked about why you believe that factored into it. what do you think is missing from the report, though? >> what's missing, i think of -- you know, we focus so much on the employment front and if you look at wage, i believe wages cont
. >> the longer the white house slow walks this discussion the closer our economy gets to the fiscal cliff and the more american jobs are placed in jeopardy. >> good morning the president has said on daily basis that we should be passing a balanced plan, but what we hear from the president is continuing only discussion on one side of the ledger, it has always been about tax rates increases, and nothing about spending, and we insist to say, look, there president, let's talk about a balanced plan, but where are your specifics on the spending cuts? even his own advisers say that any kind of agreement we come to has to deal with the prime drivers of our deficit, which is the spending and, particularly the healthcare entitlement programs. we ask the president to please sit down with us and be specific and let's get that balanced plan. you know, it's interesting that the senate has passed a bill that is a bill calling for increased revenues of $850 billion. the president continues to say, support that bill, pass that bill. well how is that the case when he continues to say, we also need $1.4 tri
our economy right to the edge of the fiscal cliff. >> former presidential candidate and vermont governor howard dean says bring it on. going over the fiscal cliff will actually help america. he's going to make his case, very bold statement there, to someone whose company will be decimated by the spending cuts to defense companies. you do not want to miss this confrontation. ricans are alwayso work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >>> pretty clear apple stock is having its worst week in more than two years. let's get to bertha coombs with the details. >> tough end of the week ear. it's apple's horrible, awful week. today's decline saw shares hit a real technical weak point, the so-called death cross. that's where the 50-day m
. we are a low-flying economy that's susceptible to downdrafts, and the fiscal cliff could provide that, but evaluations point to under evaluation at 15% and 20%. liz: charles, you got the bear claws out. i know you are cautious on a regular basis. we've known each other a long time, but, look, it's obvious that the headline risk is high closer and closer to the cliff, but let's say we get a deal or don't. you say we'll see weak equities in 2013, why? don't you have faith we're starting to see recoveries in the housing markets, certain metrics better. >> well, take home pay -- after tax income is up $300 billion this year over last year. 6.6 trillion in aggregate. how much taxes go up? a hundred bill, 500 billion? how can you have economic growth if the tax increases take away almost all the gain this year? now, also, know that the 300 billion gain cost the economy over a trillion dollars in subsidies. we have deficits and fed printing money of over a trillion dollars, all of that generated a 300 billion gain. ineffective and inefficient, but looks better than no gain, i guess. what i s
. that depends on what happens in the world economy. there are two things happening. one is the fiscal cliff. and the recession in europe. if things continue to slow down economically, we'll see less demand for gasoline. if there's more tension in the middle east, we'll see higher prices for oil. those are two things that could affect the price of oil, which will affect the price of gasoline. one thing to remember, that over the last ten years or so, wolf, demand for gasoline has started to drop off, as cars have become more efficient and as we've become better conservers. you'll probably see the price of gasoline head up again in the interim but for the time being you're probably looking at lower gas prices, wolf. >> we'll take it, no one's complaining obviously. thanks very much. >>> a u.s. navy s.e.a.l. rescue in afghanistan turns tragic. we have details on the member of that elite s.e.a.l. team killed while saving an american held captive. impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the
a 39.6%. that's the washington post this morning. below that, governors say the fiscal cliff would hurt their states' economies. several governors met at the white house yesterday and with political leaders to say something needs to be done or their economies and on the state level will be heard. -- be hurt. let's go to walter in new jersey, independent caller. good morning. caller: good morning. i don't know what's wrong with these people, because they have to come to some kind of agreement. the gop has to give ground, taxes wouldybody's go up just to save 2%. it just does not cut it. it is a bad move politically and bad for the country. host: polloi in johnsonville, virginia. -- floyd. caller: i was thinking about the fiscal cliff. i don't think that's the problem at. the problem is when we fell off the moral cliff. our president said gay marriage was ok. and america killing so many babies. side,e get back on god's everything else will take care of itself. that's the way it is. a guy said it seemed like christians are down and out. let me tell you, christians are the happiest people t
on the fiscal cliff. >> obama: i remain optimistic there are enough people of good will in this town that recognize our economy will be much better off. american families will be much better off if we get this done. >> stephanie: one of those men of goodwill joins us now. representative john yarmouth of the great state of kentucky. hello, congressman. >> hello stephanie. >> stephanie: didn't we have this conversation last year at this time? here we are back at the cliff. >> we need to start put youing out annual fis cav cliff cards to each other. >> stephanie: it is debt ceiling crisis season. what is your take on what, if anything is different in this post-election? >> well, i think that what's different -- two things different. one is clearly the president now has all of the leverage and has nothing politically at stake and so he's in a very much a stronger position. and the other thing is that even the most conservative members are being told when they go home they need to get something done. so i think it has cha
love the air. [ male announcer ] zyrtec-d®. behind the pharmacy counter. no prescription needed. fiscal cliff? >> you know, i remain optimistic that there are enough people of good will in this town that recognize our economy will be much better off, american families will be much better off if we get this done. the most important thing we can do is make sure the middle class taxes do not go up on january 1st. and i'm pretty confident that republicans would not hold middle class taxes hostage to try to protect tax cuts for high-income individuals. >> there is big news tonight out of washington where speaker john boehner and obama are talking. this is actually not nothing, not in this town. early last week they really weren't talking, and neither were their staffs. progress on what to do about all those expiring tax cuts and schedule spending cuts and that possible recession congress might create, totally stalled. but now today they are talking, and their staffs are talking, and they're even exchanging paper, real paper. news leaked today that in the last few days, there have been new of
an economy. it was proven over and over again. that is the model for this fiscal cliff discussion, making both the cuts and the reforms that are real and credible and politically difficult to reverse. that is the only signal we can send. it is the right signal to send to investors that we're serious about getting our financial house in order. chairman, thank you. this is your last committee meeting and you will be missed. >> going back to the analogy of the avalanche, when we had the subprime crisis, and there was no warning. likewise, we did have the same type of avalanche come tomorrow. there is no more confidence, nobody buys are debt. -- buys our debt. we would have increased interest rates and huge economic problem. we have two things in front of us. not only the fiscal slope, but also the debt ceiling. treasury estimates at the end -- we have until the end of february. in solving it, would be better to put the debt ceiling in the package with the fiscal slope for a comprehensive solution? or would it be better to do them separately? >> they should be done together. this will not wor
, new york. >>> starbucks ceo says going over the fiscal cliff is a bitter brew for the global economy. ali is back with more on that. >>> plus, time to buy apple stock? that's next. [ male announcer ] truth is, dayquil doesn't work on runny noses. what? [ male announcer ] it doesn't have an antihistamine. really? [ male announcer ] really. alka-seltzer plus cold and cough fights your worst cold symptoms, plus has a fast acting antihistamine to relieve your runny nose. [ sighs ] thank you! [ male announcer ] you're welcome. that's the cold truth! [ male announcer ] alka-seltzer plus. ♪ oh what a relief it is! ♪ [ male announcer ] can't find theraflu? try alka-seltzer plus for fast, liquid, cold, and flu relief. ♪ >>> democrats need to own up to taxes because they can't have their cake and eat it, too. from the cnn money newsroom, i'm ali velshi. this is "your money." i'm going to tell you what others won't about the fiscal cliff. the head of starbucks said it will damage the u.s.'s reputation and shenanigans from capitol hill and with a cool 500 bucks to spend, should you use the
happens with the fiscal cliff. that is coming. what it will cost you. bill: hello, old man winter. he is out there and he is acoming. a major blizzard raging across the midwest bringing record levels of snow. it is de10th, right? martha: it is time. bill: so who is next? ♪ . martha: old man winter, a major storm is pounding parts of the upper midwest, unleashing record levels of snowfall. that's a lot out there. high winds, frigid air. minnesota of course very used to this kind of weather this time of year but even this is really out of the ordinary. reporter tom halden with our minneapolis affiliate ksft. he is driving, i don't know if i recommend that. there he is. he is out of the car. how bad is it out there? >> reporter: well, martha, it is really cold. we have been driving around the twin city roads this morning. we've been streaming and thought, you know what? it is 12 degrees. we have a full foot of snow on the ground. the kids are out of school, a lot of them, why not hop out of the car and let you guys know that winter finally arrived here. you know what? this is normal ki
go over the fiscal cliff. foreign investors will respond badly if america goes over the fiscal cliff at the end of this year. there's a sense, i'm hearing, increasing pessimism among republicans that say we can't afford to have these kinds of talks, even the stalling process doesn't look good for the country. >> there's other incentives that are bringing both republicans, especially the white house, to the table with respect to the fiscal cliff. we did reporting on this. >> your bosom buddy. >> yeah, but there's stimulus the white house wants as a result of the fiscal cliff deal. they don't want to see a lapse, for instance, in the payroll tax cut. although they'd be fine with it being replaced by something else. unemployment insurance passed, infrastructure spending, those are incentives for the white house to cut a deal on the fiscal cliff as opposed to just going over it and saying, okay, we'll just take the, you know, sequester cuts and bush tax rates. >> that's right, and they were willing to do that in 2010 and were criticized, of course, by the base of the party because they f
an agreement that helps us avoid the so-called fiscal cliff and also achieves the broader deal which would address this longer term deficit challenge that we face in a way that helps the economy grow and create jobs. that's our focus at the moment. and we believe there is time. yeah. >> the clock is winding down on secretary clinton's time at the state department. she's expected to leave at the end of next month. and there's been a lot of speculation that a decision would have been made now on who would replace her. what is the holdup? >> there's no holdup. the president has made no decisions and i have no personnel anougesments to make -- announcements to make. >> about the decision to allow corporate donations for the inaugural festivities, why did the president change his mind on that? >> i would refer to you pick which has been set up and i think is taking questions on that. i haven't had that discussion. >> the president was part of the transition committee in 2008 and 2009, when they announced that the reason they were settinging new limitations was -- [inaudible] to put the country
to solve the fiscal cliff, the thing we have continued to look at is our economy. today in the whip's office we will have small family-owned businesses in there and talk about ways to protect the family business, continue to grow while at the same time make sure we solve this fiscal cliff. look, each and every day as we walk the halls, you continue to ask the questions. you want the answers to solving the fiscal cliff. we put the offer on the table and the president now has to engage. the next 72 hours are critical. if he sits back and continues to play politics, that will give you the answer of where we're going. this is the opportunity for the country to lead and opportunity for the president to lead. >> as these fiscal cliff negotiations and debate continues, i think it's important to remember that washington doesn't have a revenue problem, it has a spending problem. and under this administration, under president obama, we have seen record deficits and a record debt accumulate, and yet he keeps demanding that we raise taxes to pay for more spending. this will only hurt our econom
. >> as we continue to try to solve the fiscal cliff, the thing we have continued to look at is our economy. today in the whip's office we will have small family-owned businesses in there and talk about ways to protect the family business, continue to grow while at the same time make sure we solve this fiscal cliff. look, each and every day as we walk the halls, you continue to ask the questions. you want the answers to solving the fiscal cliff. we put the offer on the table and the president now has to engage. the next 72 hours are critical. if he sits back and continues to play politics, that will give you the answer of where we're going. this is the opportunity for the country to lead and opportunity for the president to lead. >> as these fiscal cliff negotiations and debate continues, i think it's important to remember that washington doesn't have a revenue problem, it has a spending problem. and under this administration, under president obama, we have seen record deficits and a record debt accumulate, and yet he keeps demanding that we have seen record deficits and a record debt accum
the state of kentucky. senator paul, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more mone
this discussion, the closer our economy gets to the fiscal cliff and the more american jobs are placed in jeopardy. >> good morning. lings -- the president said on a daily basis that we should be passing a balance plan. but we continue to hear only discussion on one side of the ledger. it's always been about tax rates increases and nothing about spending. we insist, let's talk about a balanced plan, where are your proposals for spending cuts. even his advisors say any agreement we come to has to include entitlement programs. we ask the president, please, sit down and be specific with us. let's get that balanced plan. it's interesting the senate passed a bill. the president continues to say support that bill, pass that bill. how is that the case when he continues to say we also need $1.4 trillion in additional new revenues. there's an inconsistency here. let's stop playing gapes. we want to be here for the american people and we want to make sure that we get a balanced solution so that we can start focusing on the one thing that we have seemed to have forgotten, and that is, it's about jobs and the
with all the fiscal cliff top. we cannot give up. we are america. stuart: they have given up. where do you. the group
they do now. >> the fiscal cliff is a metaphor. build a bridge with jobbings. you will have a jobs report that comes out and shows not enough jobs are create to move the economy fard forward. if we have a fisl cliff deal that results in government spending cut, are likelyy to see deleverage that causes unemployment go up and tax revenue. we need more taxpayers and not just talk about raising more taxes. jobs are a central problem that we are not discussing. >> gretchen: wait a minute. you are saying we shouldn't have a discussion of cutting spending because that does not create jobs. >> no, let's look at it bush tax cut that was a trillion dollars in unpaid for spending. wars were unpaid for . a six trillion housing bubble, we need to help people stay in their homes and have freddie mac or fannie mae write down mortgage principles. it is not that we can't solve but the prescriptions of cutting spending and increasing taxes are old prescriptions and not going to work. we got to get america back to work and get businesses going again. the federal reserve plays a role if theyy choose to. >>
these myths, i hope that we have a more constructive discussion on averting this fiscal cliff. republicans have already stated they are willing to accept some new revenue. speaker boehner has put $800 billion in new revenues on the table. however, we still not have heard from any sub substantive ideas m the president or other leading democrats about cuts to spending or entitlements. we haven't even heard the president say good things about the simpson-bowles recommendations, a commission he appointed, a commission that had republicans and democrats on it, a commission that reported that had conservative republicans and liberal democrats saying we ought to do what we can to see the simpson-bowles approach through. it would be nice to see the president endorse a recommendation of a committee he appointed that had a suggestion for taking care of this fiscal cliff problem. if he had done that two years ago, we wouldn't be debating the fiscal cliff today. so there are serious concerns on my side of the aisle that any agreement we reach will result in immediate tax hikes but promise spending --
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